Paul Watters Contractor Limited - Period Ending 2020-03-31
Paul Watters Contractor Limited - Period Ending 2020-03-31
Registration number:
Paul Watters Contractor Limited
for the Year Ended 31 March 2020
Paul Watters Contractor Limited
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Paul Watters Contractor Limited
(Registration number: 04259602)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
- |
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1 |
1 |
|
Profit and loss account |
90,703 |
85,808 |
|
Shareholders' funds |
90,704 |
85,809 |
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Paul Watters Contractor Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Paul Watters Contractor Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
2 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer equipment |
3 years straight line |
Leasehold property |
10 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Work in Progress and long term contracts
Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Paul Watters Contractor Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Tangible assets |
Land and buildings |
Computer equipment |
Total |
|
Cost or valuation |
|||
At 1 April 2019 |
|
|
|
At 31 March 2020 |
|
|
|
Depreciation |
|||
At 1 April 2019 |
|
|
|
Charge for the year |
|
- |
|
At 31 March 2020 |
|
|
|
Carrying amount |
|||
At 31 March 2020 |
|
- |
|
At 31 March 2019 |
|
- |
|
Included within the net book value of land and buildings above is £6,592 (2019 - £7,416) in respect of short leasehold land and buildings.
Stock and Work in Progress |
2020 |
2019 |
|
Work in Progress |
|
- |
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Amounts owed by connected parties |
|
|
Prepayments |
|
|
Other debtors |
|
- |
|
|
Paul Watters Contractor Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
- |
|
Trade creditors |
|
|
|
Other taxes and social security |
|
|
|
Taxation |
1,395 |
2,399 |
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Loans and borrowings |
2020 |
2019 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
- |